The latest ISDA SwapsInfo Quarterly Review shows that interest rate derivatives (IRD) traded notional and trade count increased in 2023 compared to the previous year, while index credit derivatives trading activity declined over the same period.
Key highlights for the full year 2023 include:
- IRD traded notional rose by 11.2% to $324.5 trillion in 2023 from $291.9 trillion in 2022. Trade count increased to 2.5 million from 2.3 million over the same period.
- Cleared IRD transactions comprised 78.2% of total IRD traded notional and 79.8% of total trade count.
- IRD transactions traded on swap execution facilities (SEFs) accounted for 54.1% of total IRD traded notional and 68.3% of trade count.
- Index credit derivatives traded notional dropped by 23.2% to $11.0 trillion in 2023 from $14.4 trillion in 2022. Trade count fell to 339.6 thousand from 398.4 thousand over the same period.
- Cleared index credit derivatives transactions accounted for 86.4% of total index credit derivatives traded notional and 89.7% of total trade count.
- SEF-traded index credit derivatives comprised 85.0% of total index credit derivatives traded notional and 88.6% of total trade count.
Click on the attached PDF to read the full report.
Documents (1) for SwapsInfo Full Year 2023 and the Fourth Quarter of 2023 Review
Latest
ISDA ALF: Katherine Tew Darras Opening Remarks
ISDA Annual Legal Forum London, February 11, 2026 Opening Remarks Katherine Tew Darras ISDA General Counsel Good morning and welcome to ISDA’s Annual Legal Forum. Thank you for joining us today and thanks to our platinum sponsors – Cleary...
Maintaining Focus on Basel III Endgame Recalibration
In its original form, the US Basel III endgame proposal would have resulted in disproportionate increases in capital for trading book activities, forcing banks to make difficult choices about their participation in certain businesses. After two-and-a-half years, a revised proposal...
IRRBB Management in EMDEs
Interest rate risk in the banking book (IRRBB) has become a growing priority for banks and regulators in emerging market and developing economies (EMDEs). As many of these countries face monetary tightening cycles and ongoing macroeconomic volatility, bank balance sheets...
Response to CPMI-IOSCO on Consultation
On February 5, ISDA and FIA responded to the Committee on Payments and Market Infrastructures (CPMI) and International Organization of Securities Commissions (IOSCO) consultation on the management of general business risks and general business losses by financial market infrastructures (FMIs)....